485 S Rosewood Ave · Kankakee, IL 60901

$39,500

2 bd · 1.0 ba · 760 sqft · Other · 23 Days on market

Built 1900 5,800 sqft lot ↓ 1% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.6/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

AFFORDABLE TWO BEDROM RANCH IN RIVERVIEW. FULL BASEMENT. ONE CAR DETACHED GARAGE. CONVENIENT LOCATION! PROPERTY IS ELIGIBLE FOR FM FIRST LOOK INITIATIVE THROUGH AUGUST 12, 2012. SOLD AS IS. SELLER DOES NOT PAY FOR OR PROVIDE SURVEY OR SURVEY AFFIDAVIT. REAL ESTATE TAXES ARE PRORATED AT 100% OF THE MOST RECENT FULL TAX BILL.

Key facts

• 5,800 sq ft lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $40k.

Deal economics

• At list price, monthly cash flow is $663 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.4% vs local median 5.7% in Kankakee — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 62/100 on livability (#832 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: crime F, amenities F, employment D-.
• Kankakee SD 111 (urban): math 6% / reading 13% proficiency, ranked #584 of 620 in IL (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: John Kennedy Middle Grade School (math 7% / reading 19%, grade F, #1,362 of 2,056 statewide, top 66%, 543 students, 0% FRL); Kankakee Junior High School (math 4% / reading 15%, grade F, #597 of 665 statewide, top 91%, 560 students, 0% FRL); Kankakee High School (math 6% / reading 10%, grade F, #587 of 693 statewide, top 85%, 1,513 students, 0% FRL) — zoned schools average 0% FRL vs 78% district-wide (78 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+4.4%/yr); 114 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 145 units permitted in Kankakee County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $273 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Kankakee County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 31y ago; this cycle's ask has dropped $5k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $5k; list at $40k implies a 698% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,907 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.00% ✓
• Cap rate: 26.44%
• Cash-on-cash: 71.97%
• DSCR: 4.20
• GRM: 2.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.38% rent growth · sell at horizon

5-year hold

• IRR: 73.2%
• Equity multiple: 4.39×
• Total profit: $37,533
• Equity at exit: $5,890

10-year hold

• IRR: 77.4%
• Equity multiple: 9.52×
• Total profit: $94,198
• Equity at exit: $3,415

Cash invested: $11,060 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 43 Moderately Tenant-Leaning
• State Illinois: 43 Moderately Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Chicago RTLO is among the strongest tenant ordinances in the Midwest; downstate is more landlord-friendly.

Methodology + full state rankings →

ZIP-level market 60901

• Home prices YoY: -32.5%
• Rents YoY: 4.4%
• Active inventory: 114
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,185 medium
• Mortgage (P&I): −$207
• Tax est. 1.5%: −$49 /mo · $592/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $663

Break-even live

Break-even rent $346

Max offer price $39,500

Occupancy floor 39%

Sensitivity live

Price	-10% $691	-5% $677	+0% $663	+5% $650	+10% $636
Rent	-10% $570	-5% $617	+0% $663	+5% $710	+10% $757
Rate	-1.0pp $683	-0.5pp $673	base $663	+0.5pp $653	+1.0pp $643

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $9,875
• Closing costs: $1,185
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
319 S 5th Ave Unit 4 Kankakee, IL	1.0	1.0	750	$1,115	$1.49	45d	1	0.85mi
243 S 5th Ave Unit 247 Kankakee, IL	2.0	1.0	1000	$1,150	$1.15	45d	1	0.86mi
1735 E Duane Blvd Unit 4 Kankakee, IL	2.0	1.0	800	$1,050	$1.31	45d	1	0.89mi
1017 N Schuyler Ave Unit 3 Kankakee, IL	2.0	1.0	800	$1,375	$1.72	45d	1	1.17mi

Listing history 29 events

1. 2026-06-19
   days on market $39,500 Active 23 DOM
2. 2026-06-18
   days on market $39,500 Active 22 DOM
3. 2026-06-17
   days on market $39,500 Active 21 DOM
4. 2026-06-16
   days on market $39,500 Active 20 DOM
5. 2026-06-15
   price $39,500 Active 19 DOM
6. 2026-06-15
   days on market $42,500 Active 19 DOM
7. 2026-06-14
   days on market $42,500 Active 17 DOM
8. 2026-06-13
   days on market $42,500 Active 16 DOM
9. 2026-06-10
   days on market $42,500 Active 14 DOM
10. 2026-06-09
    days on market $42,500 Active 13 DOM
11. 2026-06-08
    days on market $42,500 Active 12 DOM
12. 2026-06-07
    days on market $42,500 Active 11 DOM
13. 2026-06-03
    pricedays on market $42,500 Active 7 DOM
14. 2026-06-02
    days on market $44,500 Active 6 DOM
15. 2026-06-01
    days on market $44,500 Active 5 DOM
16. 2026-05-31
    days on market $44,500 Active 4 DOM
17. 2026-05-30
    days on market $44,500 Active 3 DOM
18. 2026-05-27
    listed $44,500 Active
19. 2012-10-18
    soldstatus $4,950 Closed Sale 332-char remark

    Show marketing remark (332 chars)

    AFFORDABLE TWO BEDROM RANCH IN RIVERVIEW. FULL BASEMENT. ONE CAR DETACHED GARAGE. CONVENIENT LOCATION! PROPERTY IS ELIGIBLE FOR FM FIRST LOOK INITIATIVE THROUGH AUGUST 12, 2012. SOLD AS IS. SELLER DOES NOT PAY FOR OR PROVIDE SURVEY OR SURVEY AFFIDAVIT. REAL ESTATE TAXES ARE PRORATED AT 100% OF THE MOST RECENT FULL TAX BILL.

20. 2012-09-28
    status Pending 332-char remark

    Show marketing remark (332 chars)

    AFFORDABLE TWO BEDROM RANCH IN RIVERVIEW. FULL BASEMENT. ONE CAR DETACHED GARAGE. CONVENIENT LOCATION! PROPERTY IS ELIGIBLE FOR FM FIRST LOOK INITIATIVE THROUGH AUGUST 12, 2012. SOLD AS IS. SELLER DOES NOT PAY FOR OR PROVIDE SURVEY OR SURVEY AFFIDAVIT. REAL ESTATE TAXES ARE PRORATED AT 100% OF THE MOST RECENT FULL TAX BILL.

21. 2012-09-26
    price $4,900 Price Change 332-char remark

    Show marketing remark (332 chars)

    AFFORDABLE TWO BEDROM RANCH IN RIVERVIEW. FULL BASEMENT. ONE CAR DETACHED GARAGE. CONVENIENT LOCATION! PROPERTY IS ELIGIBLE FOR FM FIRST LOOK INITIATIVE THROUGH AUGUST 12, 2012. SOLD AS IS. SELLER DOES NOT PAY FOR OR PROVIDE SURVEY OR SURVEY AFFIDAVIT. REAL ESTATE TAXES ARE PRORATED AT 100% OF THE MOST RECENT FULL TAX BILL.

22. 2012-08-27
    price $14,900 Price Change 332-char remark

    Show marketing remark (332 chars)

    AFFORDABLE TWO BEDROM RANCH IN RIVERVIEW. FULL BASEMENT. ONE CAR DETACHED GARAGE. CONVENIENT LOCATION! PROPERTY IS ELIGIBLE FOR FM FIRST LOOK INITIATIVE THROUGH AUGUST 12, 2012. SOLD AS IS. SELLER DOES NOT PAY FOR OR PROVIDE SURVEY OR SURVEY AFFIDAVIT. REAL ESTATE TAXES ARE PRORATED AT 100% OF THE MOST RECENT FULL TAX BILL.

23. 2012-07-29
    listed $24,900 New 332-char remark

    Show marketing remark (332 chars)

    AFFORDABLE TWO BEDROM RANCH IN RIVERVIEW. FULL BASEMENT. ONE CAR DETACHED GARAGE. CONVENIENT LOCATION! PROPERTY IS ELIGIBLE FOR FM FIRST LOOK INITIATIVE THROUGH AUGUST 12, 2012. SOLD AS IS. SELLER DOES NOT PAY FOR OR PROVIDE SURVEY OR SURVEY AFFIDAVIT. REAL ESTATE TAXES ARE PRORATED AT 100% OF THE MOST RECENT FULL TAX BILL.

24. 2010-07-30
    historical
25. 2010-06-10
    price Price Change
26. 2009-10-19
    price Price Change
27. 2009-07-30
    listed New
28. 1996-10-15
    soldstatus $42,500
29. 1995-10-07
    listed $45,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,222
• − Mortgage interest: −$2,213
• − Property taxes: −$592
• − Insurance: −$198
• − Repairs & maintenance: −$1,138
• − Management: −$1,138
• − Depreciation: −$1,149
• Taxable income: $7,795
• Est. tax owed @ 24.0%: −$1,871
• After-tax cash flow: $6,089/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Kankakee SD 111
• NCES district ID: 1720760
• Math proficiency: 6% ▼ -7.00%
• Reading proficiency: 13% ▼ -6.00%
• Median HH income: $37,968
• Composite: 8.03/100
• National rank: #9921
• State rank: #584 of 620 in IL

Livability — Kankakee

• Score: 62/100
• State rank: #832
• US rank: #16432

Category grades

Amenities F Commute A+ Cost of living A+ Crime F Employment D- Housing A Health & safety F User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kankakee, IL
• County: Kankakee County · 61,801 people
• City population: 33,128
• Metro: Kankakee, IL
• Population (ZIP): 33,128
• Household income: $58,309
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1317.0

Population outlook (Kankakee County) Hauer SSP2

• Today (2025): 105,479 people
• By 2030: 101,792 · -3.5%
• By 2040: 93,479 · -11.4%
• By 2050: 85,061 · -19.4%
• By 2075: 67,314 · -36.2%
• By 2100: 52,439 · -50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Black 30% Hispanic / Latino 19% Two or more races 7%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 82% English-only · Spanish 16%

Political lean MEDSL · Kankakee

• 2024 margin: Strong R (+20.8) · D 38.7% · R 59.5% · Other 1.8%
• 2008→2024 swing: -25.4pp toward R · 2008: 4.6pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+16.5 2016: R+13.3 2012: R+3.4 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.12%
• Current HPI: 190.8755
• Rent YoY: ▲ 4.38%
• Metro: Kankakee, IL
• State GDP YoY: ▲ 1.59%
• F500 in state: 60

Industry mix (Fortune 500 HQ in IL)

Industry	F500 HQs	Revenue
▸Insurance	4	$201B
▸Consumer Goods	4	$87B
▸Industrial Machinery	3	$64B
▸Healthcare	2	$55B
▸Retail / Pharmacy	1	$148B
▸Agriculture / Food	1	$86B

Price history

-1.1% since first listed

12 events — show timeline

• 2026-05-27 Listed $44,500 MRED as Distributed by MLS Grid
• 2012-10-18 Sold (MLS) $4,950 MRED as Distributed by MLS Grid
• 2012-09-28 Pending — MRED as Distributed by MLS Grid
• 2012-09-26 Price Changed $4,900 MRED as Distributed by MLS Grid
• 2012-08-27 Price Changed $14,900 MRED as Distributed by MLS Grid
• 2012-07-29 Listed $24,900 MRED as Distributed by MLS Grid
• 2010-07-30 Listing Removed — MRED as Distributed by MLS Grid
• 2010-06-10 Price Changed — MRED as Distributed by MLS Grid
• 2009-10-19 Price Changed — MRED as Distributed by MLS Grid
• 2009-07-30 Listed — MRED as Distributed by MLS Grid
• 1996-10-15 Sold (MLS) $42,500 MRED as Distributed by MLS Grid
• 1995-10-07 Listed $45,000 MRED as Distributed by MLS Grid

Property tax history

+3.1%/yr

Latest (2024): $2,470 · +3.8% YoY. Source: county tax records.